The NZDUSD loses momentum – Analysis - 08-07-2022
The NZDUSD pair continues to rise calmly to approach the EMA50 that forms good resistance against the price, noticing that stochastic loses its positive momentum clearly, waiting to motivate the price to resume the bearish trend that its next target located at 0.6100.
Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 0.6240.
The expected trading range for today is between 0.6120 support and 0.6230 resistance
The expected trend for today: Bearish
The AUDUSD attacks the resistance – Analysis - 08-07-2022
The AUDUSD pair shows additional positive trades by today’s open to attack the bearish channel’s resistance around 0.6850 and attempts to confirm breaching it, which makes us prefer to stay aside until the price confirms its situation according to this level to confirm the next trend clearly.
Note that holding above the mentioned level will push the price to achieve additional gains that reach 0.6960, while trading below it again will reactivate the main negative scenario that its next main target located at 0.6700.
The expected trading range for today is between 0.6790 support and 0.6910 resistance
The expected trend for today: Neutral
Brent oil price tests the key resistance – Analysis - 08-07-2022
Brent oil price rallied upwards strongly yesterday to test 105.05 level, and it found solid resistance there, to start providing negative trades now, waiting for more decline to head towards 98.85 initially.
Stochastic and the EMA50 provide negative signals that support the expected decline, which will remain valid unless breaching 105.05 and holding above it.
The expected trading range for today is between 99.50 support and 105.50 resistance.
The expected trend for today: Bearish
Crude oil price achieves strong gains – Analysis - 08-07-2022
Crude oil price settles around 100.00 barrier after the bullish rally that it witnessed yesterday, facing contradiction between the technical factors, which makes us prefer to stay aside until we get clearer signal for the next trend, which we will get through breaching 102.00 resistance or breaking 98.95 support.
Note that breaching the mentioned resistance will push the price to achieve new rises that start by testing 104.60 and extend to 107.45 after breaching the previous level, while breaking the support represents the key to return to the bearish track and achieve negative targets that reach 92.85 on the near term basis.
The expected trading range for today is between 96.50 support and 104.60 resistance.
The expected trend for today: Neutral